Archive for July 19th, 2010

Last Week in the News
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The trade deficit increased 4.8% to $42.3 billion in May. It was the highest level since November 2008 and follows a $40.3 billion gap in April.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 9 decreased 2.9%. Refinancing applications fell 2.9%. Purchase volume fell 3.1%.
Retail sales fell 0.5% in June, after a revised 1.1% decline in May. Economists had anticipated retail sales to fall 0.2% in June.
Total business inventories rose 0.1% in May, following a 0.4% increase in April. Total business sales fell 0.9% in May, the first decline after 13 consecutive monthly gains.
The producer price index, which tracks wholesale price inflation, fell 0.5% in June following a 0.3% decrease in May. Core prices — excluding food and fuel — rose 0.1%. For the year, wholesale prices are up 2.7%.
Industrial production at the nation’s factories, mines and utilities increased 0.1% in June following a 1.3% gain in May. Capacity utilization was unchanged at 74.1% in June.
Consumer prices fell a seasonally adjusted 0.1% in June following a 0.2% decline in May. For the year, consumer prices are up 1.1%.
The Reuters/University of Michigan consumer sentiment index for July’s preliminary reading fell to 66.5 from 76 in June. It was the lowest level since August 2009.
Initial claims for unemployment benefits fell by 29,000 to 429,000 for the week ending July 10. Continuing claims for the week ending July 3 rose by 247,000 to 4.68 million.
Upcoming on the economic calendar are reports on new home sales on July 26, the housing price index on July 27 and gross domestic product on July 30.
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